Lowflation

(1) IMF chief warns about “lowflation.” (2) P/E inversely correlated with inflation and Misery Index. (3) Central bankers are macroeconomists blindly following the “slack” model. (4) What if globalization, technology, cheap money, and competition are driving lowflation towards deflation? (5) Any signs of deflation in revenues, margins, and earnings? (6) A whole bunch of global forward earnings comparisons. (7) Focus on underweight-rated S&P 500 Materials.